closer to bankruptcy more than ever it seems that the enterprise for the production and trade of meat is CRACKSsince negotiations with banks for regulation loans they weren’t effective. The company itself, which is listed on its parallel market Athens Stock Exchange since 1994, with a statement on Friday, he warned against the impossibility of continuing his activities if the banks bring legal actions against him, if in fact they proceed to confiscate the assets they hold as collateral. It is strange, however, for many, not that KREKA is on the verge of collapse, as a result of which 50 people will lose their jobs, not counting indirectly employed, but how the company is still alive, as shown by the last time the profit was in 2009, and already in the middle of the previous decade was in the process of paying off debts. overdue debts banks, are the reason why for ten years, since April 5, 2013, KREKA’s share has been in the monitoring category.

Founded in Kavala in 1971 by Kyriakos Kioutsukostas, the company had short-term liabilities of EUR 35.36 million at the end of 2021, of which EUR 30.46 million were loans. The company’s bank liabilities as of 09/30/2022 amounted to 31.7 million euros, and the total liabilities amounted to 38.6 million euros. The company’s equity was negative by 25.98 million euros.

Reasons for the collapse of another family business in the industry food; Many investments made mainly since 1995 without a solid financial base. And are investments “lost profits” in a productive business? When they lead to an increase in borrowing without servicing it, perhaps in combination with other incorrect manipulations, then this is a waste.

The company, in its statement to the AA, warned of the impossibility of continuing its activities if the banks sued him.

Kathimerini was asked to speak with the company’s management among other things, whether some solutions are being considered, such as a consolidation agreement that will be accompanied by a transfer of business, but the representative of the company referred us to the official announcements on the Athens Stock Exchange.

It is worth noting that the company used the development law 3299/2004, as well as preferential conditions for its loans. In particular, in 2005, with the help of a ministerial decision applicable to the prefectures of Kavala and Drama, the loan amount of 9.4 million euros was converted into a ten-year long-term loan with an 80% guarantee from the Greek state.

The lending rate applicable to these loans was subsidized by 50% until 2009. KREKA also took advantage of another decision of the Ministry of 30.06.2010, which allowed companies in the Kavala prefecture not to pay loans in installments until 31.12.2013. for which a guarantee of the Greek state was given.

The biggest player in the Greek meat market is Vouduris – Konstas – Meats of Attica with a turnover of 96.16 million in 2021, while it remains to be seen what the results of Vesta Foods, a company created last year from the merger of Floridis AEVEC, will be. with Afi Nasopoulos S.A.